Prudent Corporate Advisory IPO: The month of May has brought a lot of opportunities for investors betting in Initial Public Offerings (IPOs). The country’s largest LIC IPO has opened, while many other companies are also involved in the race. One of these companies is Prudent Corporate Advisory Services, a retail asset management company.
The company has fixed a price range of Rs 595-630 per share for its Rs 539 crore IPO. The company said that its IPO will open on May 10 and the share sale will last for three days. The bidding for anchor investors will open on May 9.
The initial share sale will be for 85,49,340 equity shares which includes Offer for Sale (OFS) of 82,81,340 equity shares by an existing investor and a whole time director. ICICI Securities, Axis Capital and Equirus Capital are the lead managers of the issue.
The business of Prudent Corporate Advisory primarily involves the distribution of Mutual Funds. It also distributes other financial products like insurance, portfolio management schemes, alternative investment funds, corporate fixed deposits, bonds, unlisted equities, stock broking solutions, loans against securities, NPS, structured products etc.